eDiets.com(R) Announces Q2 2008 Results
Revenues for the second quarter of 2008 were $6.5 million, compared to$7.6 million in the prior year period. Net loss for the quarter was $(3.1)million, or $(0.12) per diluted share, for the second quarter of 2008,compared to $(1.4) million, or $(0.06) per diluted share, for the secondquarter of 2007.
Adjusted EBITDA*, defined as net income (loss) before interest, taxes,depreciation, amortization, stock-based compensation, severance charges, baddebt expense and loss on disposition of assets, for the quarter ended June 30,2008 was $(1.4) million compared to ($0.4) million in the prior year period.
For the six months ended June 30, 2008, the Company recorded revenues of$15.2 million compared $16.0 million for the same period last year. Net losswas $(8.3) million, or $(0.33) per share, compared to $(2.7) million, or$(0.11) per share, for the first six months of 2007. Adjusted EBITDA for thefirst half of 2008 totaled $(4.8) million compared to $(0.9) million in thecomparable year period.
"During the second quarter we intensely focused on improving our newenterprise platform," stated President and Chief Executive Officer, SteveRattner. "These preparations culminated in the recent implementation of robustpayment, billing and fulfillment functionality, as well as made it possiblefor the launch of two new B2B client programs and community features withinthe last week. We are pleased with this progress, although we expect thatshort term delays in B2B launches combined with the challenging macroeconomicconditions will defer the benefits and operating leverage from the newplatform and previously expected growth of the B2B and meal deliverybusinesses to the 2009 diet season."
Thomas Hoyer, Chief Financial Officer commented, "Despite the challengingeconomic conditions, we are confident that recent enhancements to our overallbusiness platform will enable us to achieve improvements in our operatingperformance in the third and fourth quarter compared to the second quarterbased on the improvements we have made in our overall business platform duringthe second quarter. We continue to believe in the long-term opportunity foreDiet's integrated health and wellness platform, and are committed to finetuning the platform and digital subscribers, meal delivery, and e-commercebusinesses in order to best prepare for growth in the post-holiday dietseason."
The company will host a conference call to discuss the second quarter of2008 results at 8:30 a.m. Eastern Time on Thursday, August 7, 2008.Participants may access the call by dialing 866-510-0704 (domestic) or617-597-5362 (international), passcode 86375577. In addition, the call will bewebcast via the Investor Relations section of the company's web site athttp://www.eDiets.com, where it will also be archived. A telephone replay willbe available through Thursday, August 21, 2008. To access the replay, pleasedial 888-286-8010 (domestic) or 617-801-6888 (international), passcode39234724.
eDiets.com, Inc. is a leading provider of personalized nutrition, fitnessand weight-loss programs. eDiets currently features its award-winning,fresh-prepared diet meal delivery service as one of the more than 20 populardiet plans sold directly to members on its flagship site, www.eDiets.com. Thecompany also provides a broad range of customized wellness and weightmanagement solutions for Fortune 500 clients. eDiets.com's uniqueinfrastructure offers businesses, as well as individuals, an end-to-endsolution strategically tailored to meet its customers' specific goals ofachieving a healthy lifestyle. For more inf
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